Posted on 07/29/2017 8:45:08 AM PDT by george76
European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs
...
The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumors of a bank being in trouble.
The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.
It also come amid a bitter wrangle among European countries over how to deal with troubled banks, roughly a decade after a financial crash that required the European Central Bank to print billions of euros to prevent a prolonged economic slump.
...
Existing EU rules allow a two-day suspension of some payouts by failing banks, but the moratorium does not include deposits.
(Excerpt) Read more at reuters.com ...
Just wait until we are in a post currency world.
One can hardly wait.
we already have this rule in USA (but its not used much because even discussing it, more or less actually using it, can cause runs on banks...banks to fail...so instead the Fed just reliquifies a failing or cash-starved bank as quietly as possible...to prevent any depositor or public panic)
It’s not “to prevent bank runs.” It’s to prevent people from taking their money, and to allow the government to take it.
That plus a cashless society, and it’s a leftist paradise. Oh you who are so foolish as to work for a living - the government will leave some money in your account, as much as it thinks you “need”, and take the rest and put it in the EBT cards of the indolent parasites who voted for this sort of thing.
Spot gold is up about $20/oz in the last 48 hours.
Is George Soros behind this?
The EU needs to address why bank runs are a concern.
Doing to bank deposits what the UK did to Charlie Gard.
Especially because these govts are in control of the money throttle already and can cause shortages or excesses just by affecting credit and interest rates. Ie they have their own Fed just like we do.
Go Brexit.
If the EU does something stupid in banking. All the money goes to a Brexit bank OUTSIDE the EU. Unintended consequence 101.
The EU will tell EU corporations they can’t do that. So the EU corporations will move their home office to a non-EU, non-stupid country.
Load up on popcorn for this event.
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